What to Do Before You Apply for a Home Mortgage

By Tracy Scott Homebuying season is fast approaching, and the idea of visiting model homes and open houses fills you with anticipation. But, before you step into your first design center or purchase your tour of homes ticket, learn how to shop smart for a new home. For some, saying goodbye to renting often begins with applying for a home mortgage – but should it? Despite its updated housing forecast, [...]   Read More >

Credit Score Basics

By Tracy Scott Understand The Credit Score Basics To Improve Your Financial Health. Can you explain the difference between a credit history report and a credit score in one sentence? When you’re new to credit, it's hard to keep credit terminology straight – let alone explain it to someone else. New credit users who understand the basics of credit scores can make smarter credit decisions which can positively affect their [...]   Read More >

How To Request and Read Your Credit Report

February 26, 2019 BY AFFCU in
By Tracy Scott When was the last time you checked your credit? The information in your credit report has a significant influence on your financial health. Good credit matters and incorrect information can prevent you from obtaining auto or home loan approvals, gaining access to certain services at the best rates with minimal fees, and can even influence whether you’re hired for certain jobs. In 2017, the Consumer Financial Protection [...]   Read More >

Paying Off Your Holiday Debt.

February 11, 2019 BY AFFCU in
By: April Lewis-Parks (In partnership with KOFE/Consolidate Credit) Have you Paid Off Your Holiday Debt Yet? Retail sales hit a 6-year high in 2018, meaning consumers have a lot of debt to pay off now in 2019. Take the right steps to pay off holiday debt quickly. You don’t want to let holiday debt linger for a few reasons: Interest charges can double the cost of purchases. If you earned [...]   Read More >

How to Repair Your Credit

January 23, 2019 BY AFFCU in
By Tracy Scott Bad credit doesn’t always result in a credit denial. But, higher interest rates on home mortgages, auto loans, and credit cards can slow down your ability to save money towards retirement or other financial goals. An adverse credit history may even require you to pay security deposits for utilities or cellphone service and influence the cost of life insurance. To put it bluntly, bad credit can mess [...]   Read More >

Credit Smart Moves for the New Year

January 16, 2019 BY AFFCU in
By Tracy Scott Did you know your credit history has a significant impact on your financial health? A good credit history can save money in the short-term by keeping the cost of borrowing down. Over the long-term, it can help you put money that would have been otherwise spent on high-interest rates toward other financial goals such as your retirement or a second honeymoon. Since good credit can result in [...]   Read More >

What Bad Credit Really Means

December 20, 2018 BY AFFCU in
By Tracy Scott Financial goals of early retirement, extended cruise vacations, or simply paying for your child’s college education can be just out of reach when you have bad credit. Funds that would otherwise be used to pay for what matters most are eaten up by high-interest rates that feel like punishment for prior credit slip-ups. Worst case, credit denials prevent you from purchasing a home, driving a new car [...]   Read More >

Why Good Credit Matters

December 17, 2018 BY AFFCU in
By Tracy Scott Good credit matters. At least that’s what you’ve always heard. Whether you’re new to credit or think you already have a decent credit score, it’s important to understand why good credit matters. But, what do people mean when they say “good credit”? When applied to an algorithmic formula, your prior use of credit (aka credit history report) is used to generate a credit score which is a [...]   Read More >